Madagascar’s file will be examined by the Executive Board of the International Monetary Fund (IMF) on September 30. The agenda includes the third and fourth combined reviews of the programs supported by the Extended Credit Facility (ECF) and the Resilience and Sustainability Facility (RSF). The file also includes a request for a waiver for non-observance of a performance criterion, a modification of certain performance criteria, and a review of financing assurances.
The examination of these elements will allow the IMF Executive Board to decide on the continuation of the programs concluded with Madagascar and any associated disbursements.
The file was initially scheduled to be submitted to the IMF board in July. However, its review was postponed, notably in the context of discussions surrounding fuel pricing policy. The Malagasy government justified the temporary suspension of the automatic price adjustment mechanism by citing the economic context and the risk that a rise in pump prices would exacerbate inflationary pressures.
The IMF, for its part, has insisted on the importance of maintaining this mechanism. Following its mission to Madagascar in April, the team led by Constant Lonkeng, IMF Mission Chief for Madagascar, emphasized the need to resume the application of automatic adjustment after the current pause. According to the Fund, this mechanism is intended to help limit the impact of rising global oil prices on public finances.
In August, the Minister of Economy and Finance, Herinjatovo Ramiarison, indicated that Madagascar had met almost all the criteria agreed upon with the IMF. “The main sticking point concerns the reform of the fuel pricing policy,” he stated.
The automatic fuel price adjustment mechanism is a commitment made by the Malagasy authorities under the programs supported by the IMF. The system provides for periodic adaptation of pump prices based on changes in reference prices, with a ceiling to limit the magnitude of monthly variations.
Captured & Published at: 2026-09-24 06:53:34 (Madagascar Local Time EAT)
Original Source: https://www.2424.mg/cooperation-le-dossier-de-madagascar-devant-le-conseil-dadministration-du-fmi-le-30-septembre/
